I've been carefully trading weekly options for the past 6 weeks. I was probably lucky, but I couldn't be happier with the results. I was mainly selling index options premium on the day before or of the day of expiration.

I was wondering anyone who can recommend a book about weekly options that are practical.

I, also, have been selling time premium on the weeklies. I look for trends in the SPY ETF and sell out of the money credit spreads when the market appears to be overbought or oversold. I usually sell a little bit earlier, perhaps with six or seven days remaining, as there is more time premium available.

The key is not to get stuck with the short options moving into the money. This can cause a world of hurt. There are numerous adjustment strategies out there, but I prefer using position sizing and stops to avoid the risk.

Selling premium on the last or next to last day can be risky at times. While time decay is eroding quickly, the strike prices you have to choose comes too close to the stock price. At this point, you're just gambling, you could be right or you could be wrong. And if you're wrong, you generally tend to lose a lot more than what you gain.

What I suggest is for you to try an alternate - When weekly Options start trading on Thursday, take an Options selling position that afternoon or mid-morning. Premiums will be much higher and you can provide yourself a good buffer zone by going OTM. You'll notice that by Monday, a significant portion of this premium has already eroded (probably more than what you'd have achieved with a last-day trade). If by Monday, your position is still in safe zone, you can try to extend to Wednesday and close the trade. The following day you have a new trade opportunity. This strategy strikes a good balance between risk, time decay and a decent buffer zone. And it gives you sufficient opportunity to adjust, should things work against you.